According to Ben S. Bernanke, chairman of The Federal Reserve, it is indicated that the US government had to make “difficult choices” to address its gaping deficits. It is also warned that “postponing them will only make them more difficult.”
It is believed that a moderate economic recovery had begun. It is said that a credible plan for reining in federal deficits could help lower long-term interest rates. Though sizable deficits are unavoidable in the near future, maintaining the confidence of the public and financial markets requires the policy makers to move decisively to set the federal budget on a trajectory toward sustainable fiscal balance.
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